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'Business failures to rise 59% this year' say BDO Stoy Hayward
One out of every 56 businesses in the UK is expected to cease trading this year, according to research conducted by accounting firm BDO Stoy Hayward.
The firm have predicted that business failures will increase by 59% and that by the end of the year 36,000 companies will have collapsed - up from 22,600 in 2007.
"The deteriorating economy and expectations of a drawn out recession has led to a downward revision in the UK outlook and has severely impacted the survival rate of UK businesses," said Shay Bannon, head of business recovery at BDO.
The report also revealed that investments by companies in their business is due to fall by over 15% in 2009, which alongside a decline in consumer spending and falling business confidence, is leading to the failure of many businesses.
The government have recently issued new measures to try and kick start the economy, such as quantitative easing, but an average of 120 small and medium-sized companies are still closing every day.
Post Date: March 16th, 2009
The firm have predicted that business failures will increase by 59% and that by the end of the year 36,000 companies will have collapsed - up from 22,600 in 2007.
"The deteriorating economy and expectations of a drawn out recession has led to a downward revision in the UK outlook and has severely impacted the survival rate of UK businesses," said Shay Bannon, head of business recovery at BDO.
The report also revealed that investments by companies in their business is due to fall by over 15% in 2009, which alongside a decline in consumer spending and falling business confidence, is leading to the failure of many businesses.
The government have recently issued new measures to try and kick start the economy, such as quantitative easing, but an average of 120 small and medium-sized companies are still closing every day.
Post Date: March 16th, 2009
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